If the house were minimally livable based on other prices of houses in the neighborhood, excluding the extra land what do you think the house is worth if you had to sell it?

Currently house hacking (rent by the room) in my primary home (1st property) in Texas while working out of state.

If you wait 30 years to start budgeting for a roof, the house will rot into the ground from leaks before you have accumulated enough to replace it.

Hello All,I just secured a 0.4-acre lot with a burnt house on it in the Bakersfield, CA area.

What I mean by that is for instance in a place like Newport Beach California where houses cost millions to buy there may be apartments available for 2000 a month, which is way less than the per square foot of a purchase.

Please come back and post a follow up, even fi you wind up losing money on the transaction, because it is a good opportunity for new people to learn how difficult flipping a house and turning a profit can be.

Not all houses will cash flow or have numbers that work. 

Sometimes buyers don't realize all the houses a buyer agent had to preview (in previous deals, and just agent walkthroughs) to get the neighborhood vibe and trend...numbers and data don't tell the whole truth.I hope that after a year or two of the new rules enough buyers (who got burned) will see that having someone experienced represent and protect their interests is a darned great idea. 

Sedona is saturated, but i dont see that many houses for sale, maybe the returns are still good? 

You can absolutely make rhe time limit what ever buyer and seller are comfortable with.If your trying to convince a seller to give you seller financing while you flip the house a shorter time may be more convincing than a longer one.You could also offer some of the profits from the flip to help seal the deal.